The Street Performers Who Changed the World

The Unstoppable Rise of the Gig Economy

April 23, 2023

Have you ever heard of the term “gig economy“? It’s a new way of working that has become increasingly popular over the last decade, characterized by short-term or project-based work arrangements, often facilitated by online platforms. But did you know that the term “gig” actually has its roots in the music industry, dating back over a century? 

In the early 1900s, musicians would refer to their performances as “gigs,” and the term eventually came to be used more broadly to describe any type of paid work that was done on a temporary or freelance basis. Today, the gig economy includes everything from ride-sharing services like Uber to freelance writing platforms like Upwork. 

But despite the many benefits of the gig economy, including greater flexibility and autonomy in the workplace, there are still barriers that prevent some people from participating. One of the biggest barriers is the requirement for a traditional bank account, which many gig economy platforms require in order to sign up. 

 In the 1990s, the rise of the internet created new opportunities for gig workers, but it wasn’t until the emergence of ride-sharing companies like Uber and Lyft that the gig economy truly exploded. This new model of gig work offered greater flexibility and autonomy for workers, but also brought with it new challenges around worker classification and lack of benefits and protections. 

But now, Web3 is here to shake things up once again. Built on blockchain technology, Web3 allows for decentralized and peer-to-peer transactions. This means gig workers can be their own platforms, set their own prices, and offer their services directly to clients. The possibilities of Web3 are endless, and the potential for disruption is huge. As more and more people turn to the gig economy for work, Web3 has the potential to provide greater autonomy, security, and transparency than ever before. It’s the next evolution of the gig economy, and it’s already changing the world and with payments platforms like Empowch, no bank account, no longer means no work. 

 So, whether you’re a gig worker looking for greater control and autonomy over your work, or simply curious about the future of work and the role of technology in shaping it, Web3 is something you need to know about. The gig economy may have started with street performers, but it’s come a long way since then. And with Web3, the possibilities for the future of work are endless. 

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